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Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
 Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's (Adaro Energy) planned investment in greenfield coal miner PT Bhakti Energi Persada (BEP).
Adaro Energy recently signed an agreement for the right to acquire up to 51% of BEP over three years for up to USD500m through a convertible loan or to issue a pre-specified number of shares of Adaro Energy to the shareholders of BEP (participating in this agreement) in exchange for 79.8% of BEP. Adaro Energy currently owns 10.22% of BEP.
BEP has seven coal concessions, all IUPs (Izin Usaha Pertambangans - mining business licences), with estimated Australasian Joint Ore Reserves Committee (JORC)-compliant coal resources of 9.53 billion tonnes. Fitch expects that a large part of the investment required before bringing these resources to production will relate to the coal hauling road connecting the mines to barging and shipping points. Coal resources of BEP are of low energy content (3,379kcal on a gross as received basis) and as such will trade at a substantial discount to benchmark thermal coal prices. However, the favourable geology of BEP mines will allow the extraction of coal at an extremely low strip ratio (i.e., units of overburden to be removed on per unit of coal extracted) over the average life of a mine of below 0.5x as estimated by Adaro Energy, supporting the economic viability of these operations. The materially shorter supply chain of BEP's mines at 130km (versus 320km for Adaro's existing mines) would provide further support.
However, BEP coal mines have substantially lower cash margins than Adaro Energy's currently main cash generating mine, Tutupan, and are more susceptible to low coal prices. There is also uncertainty relating to coal mining regulations in Indonesia at present, such as restrictions on coal exports and a resource export tax. Any unfavourable regulatory developments can affect the commerciality of BEP's operations. However, Adaro Energy's options to invest in rather than an outright purchase of BEP resources provide a meaningful level of flexibility and safety. Fitch believes that any investments in the first half of the three-year option period will not be significant and can be funded from Adaro Energy's projected internal cash generation.
If successfully executed, BEP can over time contribute to the increasing diversity of Adaro Energy's mining operations. The limited diversity of Adaro Energy's existing mine sites is one of the factors currently constraining its ratings.
The ratings of Adaro are based on the credit profile of Adaro Energy given their strong rating linkages as per Fitch's parent-subsidiary linkage methodology. At end-March 2012 Adaro Energy's funds from operations (FFO)-adjusted gross leverage was 2.4x and FFO interest coverage 7.0x.
Negative rating action may result from FFO gross leverage rising above 2.75x or FFO interest coverage falling below 5x for two consecutive years. Other negative rating guidelines are material deviation from its policy of maintaining strong liquidity; adverse regulatory developments that will significantly impair Adaro Energy's financial profile; further substantial investments that weaken Adaro's financial or operating risk profile and a sustained weakening of coal prices.
Source: Fitch (Hong Kong) Limited
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Friday, 20 April 12
BUMA HAS PRODUCED 2.6 MILLION TONS OF COAL IN MARCH 2012
COALspot.com - BUMA has removed 28.0 million bcm (+6.4% YoY) of overburden in March 2012 while coal production was at 2.6 million tons (+1.3% YoY).
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Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES
COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipm ...
Thursday, 19 April 12
HANDY - 'POSITIVE TREND', PANAMAX - 'A FIRMER TENDENCY', CAPESIZE - 'AGAIN NEGATIVE'
Handy
The positive trend from last week continued, with more cargoes entering the market. Skaw/Passero del fixed tick above USD 4000 for US Gulf di ...
Thursday, 19 April 12
WILLIS MARINE MARKET REVIEW FORECASTS ANOTHER DIFFICULT YEAR - WILLIS GLOBAL MARINE / HELLENIC SHIPPING
After an inauspicious start, 2012 could well be "another difficult and uncertain year for the maritime industry faced with the aftermath of the ...
Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
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- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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